Crypto prices sank dramatically after rival exchange platform Binance pulled out of a deal to purchase FTX earlier this week, citing significant concerns around reports of mishandled funds and regulatory investigations.FTX was valued earlier this year at US$32 billion.
This year hasn't been particularly great for the crypto market in general, with the price of bitcoin tumbling significantly after reaching an all-time high of over US$68,000 in November of last year. Mosoff said this year will wash out"a lot of the scam and hype assets" that came about in 2020 and 2021.
It's not just your individual investors who have put money into crypto; major funds have also been taking a chance on the space.
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